From Sick Man to the Miracle of Asia, the World Bank praises the Philippines.

World Bank President Jim Yong Kim praised the Philippines and President Aquino profusely upon visiting Manila for a two-day visit on July the 15th. Kim, who was here to announce the provision of USD119 million for the construction of infrastructure in the Muslin Mindanao region to support the peace process, praised President Aquino’s anti-corruption reforms, stating,

“Among the most important things you can do is tackle corruption and . . . that is one of the things that the [Aquino] government is doing frankly better than any government in the world.”

While the World Bank had downgraded their forecast for global economic growth this year from 3.2 percent to 2.8 percent, they have not changed their ebullient stance on the Philippine economy, which they expect to remain at around 6.4% and set to rise into the future.

Kim cited the country’s strong macroeconomic fundamentals, prudent monetary policies and young workforce, as the drivers of future growth, and was optimistic about the medium and long term outlook of the Philippines, even as the economic might of China has begun to wane.

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